TAB has completed two complex bridging loans worth almost £2.9 million after being introduced by broker Prism Private Finance.
The deals, which completed within five weeks of the initial enquiry, included the refinance of a country home in Oxfordshire and a second-charge loan to fund the refurbishment of a London townhouse.
The first transaction was a £1.855m first-charge bridging loan to refinance a five-bedroom country house near Hook Norton, Oxfordshire.
Set within more than 14 acres, the property had been purchased outright using the borrower’s own funds.
TAB structured a 12-month facility at 70% loan-to-value (LTV), allowing the borrower to release capital while giving them time to market the property without being forced into a quick sale.
The second deal saw TAB provide a £1.031m second-charge bridging loan secured against a period townhouse in Kensington, currently configured as 20 self-contained residential units across five floors.
The borrower required funding to carry out an extensive refurbishment before selling the property.
Rather than replacing the existing senior debt, TAB structured a 24-month second-charge facility at 60.86% LTV, enabling the borrower to retain their first-charge finance while releasing capital for the works.
Despite a historic planning query relating to the property’s conversion, TAB said it was comfortable with the long-established use of the building, the strength of the security and the borrower’s planned exit strategy.
Michael Grant, head of sales at TAB, said: “These transactions demonstrate the breadth of our bridging proposition and our ability to structure bespoke funding solutions around very different borrower requirements.
“One case involved refinancing a country house to provide time for an orderly sale, while the other used a second-charge structure to release capital for a refurbishment project without disturbing existing senior debt.
“The repeat instructions from Prism Private Finance are particularly pleasing and reflect the importance of strong broker relationships. As TAB grows our specialist lending proposition, we remain focused on providing responsive decision-making and pragmatic underwriting for complex cases.”
The transactions were overseen by underwriting manager Barry Richardson, with support from business development executive Becca Bradley.
Helmee Tekaya of Prism Private Finance added: “TAB went above and beyond to ensure my deal completed. It was a pleasure working with underwriter Barry. Michael and Becca were always available to assist in pushing the deal along to completion. Five-star service. I look forward to working with TAB again in the future.”
